HP announces great fiscal Q1 2005 earnings

Hewlett Packard unveiled increased earnings for the first fiscal quarter ending January 31. The company stated that all of its businesses experienced a grow in sales during fiscal Q1.

PC unit sales for instance rose with 12 percent compared to last year, resulting in a operating profit margin increase of 2.1 percent.

Net income rose to $943 million or 32 cents a share, from $936 million, or 30 cents a share, a year earlier. Revenues rose to $21.5bn from $19.5bn a year earlier. Profit excluding special items was at 37 cents a share as compared with 35 cents a share a year earlier.

Wall Street analysts had expected the company to earn on average 36 cents a share, within a range of 32 cents to 39 cents, on revenue of $20.96 billion.